The NRP Group has opened its second affordable housing community in Austin, Texas.
Developed in partnership with the Housing Authority of the City of Austin (HACA), The Bridge at Harris Ridge provides 324 apartments in 12 buildings. The property includes one-, two-, three-, and four-bedroom homes, a swimming pool with a sundeck, a fitness center, a business center, a lounge/community room, and an outdoor playground and picnic areas.
The apartments at The Bridge at Harris Ridge include a mix of units priced to be affordable to those making as little as 60% of the area median income (AMI), which would be approximately $56,760 for a four-person household. The property also accepts Housing Choice Vouchers.
"We want to play an active role in solving the issues surrounding affordable housing," said NRP president and CEO J. David Heller. "Through this innovative collaboration, we are glad to deliver a new community that meets the demand for housing in close proximity to transit and job centers."
The team assembled multiple financing sources for the development, including $32 million in tax-exempt bonds issued by HACA through its affiliate Austin Affordable PFC. The Texas Department of Housing and Community Affairs awarded approximately $13 million in 4% low-income housing tax credits (LIHTCs) and $3 million in multifamily direct loan funds. Bank of America is the LIHTC investor.
